Profile picture for smcneal3678

Back up offer

House that I like has a offer, list price is 254k seller is accepting backup offers until Feb 17. How much should I offer? should I wait until Feb 17 to offer or do it sooner.

House was on the market a good 7months before the first offer.
  • January 14 2012 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (4)

Profile picture for nwhome.us
This is a classic example of "let's wait and see what happens to the market syndrome" gone bad.
In the future, when you find a home that you like, make an offer on it then.  In every situation, make an offer that you feel the home is worth to you.  If you are the only offer, make it a little lower and hope to make a little money for yourself.  Now that you are in a multiple offer situation you don't have that luxury; make the offer at what the home is worth to you and the faster that you make the offer the more seriously the seller will think about it. The offer price is not the only variable that the seller should be considering.
Don't over-analyze it if you don't get this one, you've learned something.  If you get it, you will be a proud homeowner.
Best of luck!
  • January 14 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for droopyd
Are they in contract and thus accepting backup offers?

Or are they simply entertaining additional offers before going into contract with the one they judge to be the best offer?
  • January 14 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

A back-up offer is just that...a back-up in case the first offer falls apart then the second offer or the next best offer (if more than one back-up) is next in line. To make a back-up offer means you are waiting to see what happens with the first offer while tying up your deposit money and time.

You know more about this property and if it's worth it or not. If this is a short sale then it may be more time involved. If they will accept offers up until a particular date then you need to know if they are taking offers by a first come bases or by best price and terms.  If you still want to make an offer then make your highest offer and hope for the best or, worst for the first buyer!
  • January 14 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Surprised to see this happen on a "Fair Market" transaction. I have only ever seen banks ask for back up offers.
  • January 28 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.